Stephan F. Kautz

Live Mensal de Cenario youtube.com/live/TuQY1adm8…

Você se lembra de quando ingressou no X? Eu me lembro! #MeuAniversárioNoX

Live: O Labirinto das Decisões Como nossa mente influencia riscos, ganhos e perdas Hoje, dia 14 de janeiro, as 18:15hs Vamos falar dos viéses de decisão e como eles afetam nossa vida, inclusive financeira. youtube.com/watch?v=DIOfQM…

When we look at the Brazilian economy and wonder why growth has been so low for so long, an uncomfortable part of the answer lies in the private sect itself. Brazil is a notorious breeding ground for zombie companies. These are firms that cannot generate enough profit even to pay the interest on their own debt, but remain in existence because the financial system allows for the constant rollover of this liability. They do not innovate, they do not grow, they do not increase productivity. According to an article by Granzotto et al. (2025) in the Brazilian Review of Finance, which compares companies in various emerging markets, on average 7.6% of firms are "static zombies" (firms with EBITDA/Financial Expenses < 1) and 5.5% are "dynamic zombies" (EBITDA/Financial Expenses >/= 1) in these markets. In the Brazilian case, 16.75% of companies are classified as static zombies and 13.94% as dynamic zombies! In other words, more than double the average for emerging markets. The authors themselves bluntly state that Brazil is the "heart of the zombie economy" among emerging markets, about 2.3 times above the international standard. To clarify what this means: we are talking about companies that cannot generate enough profit to cover their financial costs, meaning that investors will have to wait longer to recover their principal, and that workers will be employed in firms without the capacity to invest in new technologies and processes that could improve their human capital and productivity. The article shows that this mass of zombie companies distorts capital allocation, reduces aggregate productivity, and weakens investment dynamics. Credit, labor, and resources are trapped in financially fragile firms, while more productive companies face a hostile financing environment. And this, of course, has a cost in terms of potential economic growth. As long as the Brazilian government does not address the problem of reforming the business environment and its capital markets, these types of inefficiencies will continue to persist and condemn workers and investors to remain trapped in firms that should be defunct. SOURCE: periodicos.fgv.br/rbfin/article/… #Economía #econtwitter #Economics #Finance #Brazil

@JavierBlas Great book!! Congrats.

📚🇦🇿 Delighted to announce that our book 'The World for Sale' is now out in Azerbaijani, published by Qanun Nəşriyyatı. "Satışa çıxarılmış dünya" Details and orders here: qanun.az/satisa-cixaril…

@mariatad Disagree on this one. Lula and PT have always been against this deal. They followed through on a proposal from the previous govt that was ready to be signed. Would probably be a relief for Lula if this goes sour.

Minhas 5 sugestões de leituras meu objetivo é trazer os livros que me trouxeram mais conhecimento ao longo de 2025, ideias novas e provocações sobre novos temas. euqueroinvestir.com/educacao-finan…

Belo resumo dos temas apresentados na Live Mensal de Economia! @EQIAsset @EqiResearch euqueroinvestir.com/economia/cenar…

Exportações da América Latina - México é o país mais dependente dos EUA; Chile, Equador e Peru têm forte peso da China. @jcamargonyc @SMgestor @_robertomotta @SFKautz @rvitoria @CasagrandeLRCM @EqiResearch @eqiasset

Urbanização da Índia - População urbana cresce rapidamente e deve superar 600 milhões até 2035. @jcamargonyc @SMgestor @_robertomotta @SFKautz @rvitoria @CasagrandeLRCM @EqiResearch @eqiasset

Participações na @GloboNews sobre mercados. Payroll, eleições na Argentina, 7 de setembro e divulgações de inflação aqui e nos EUA. @EQIAsset

EQI compra torre da Lotus @jcamargonyc @SMgestor @_robertomotta @SFKautz @rvitoria @CasagrandeLRCM @EqiResearch @eqiasset Leia aqui: metroquadrado.com/comercial/fari…

Você aceita Satoshi Nakamoto na sua vida?

Excelente resumo! Valor Econômico: Os danos de longo prazo do protecionismo valor.globo.com/opiniao/coluna…

Queda recorde nas remessas financeiras dos EUA para o México reflete saída em massa de imigrantes do mercado de trabalho americano. @jcamargonyc @SMgestor @_robertomotta @SFKautz @rvitoria @CasagrandeLRCM @EqiResearch @eqiasset

The biggest loser---by far---from raising tariffs on EU exports to the US from 1.2% (last year) to 15.1% (new deal) is the American consumer. A win for the US? Do you also think that the US would win if it introduced a federal sales tax on some goods?

US CPI: não vi sinais de repasse das tarifas nos bens duráveis. Pode ser q ainda venha, mas as interpretações de que o resultado foi ruim não fazem sentido pra mim. Número foi baixo, com Serviço comportados e sem impactos das tarifas. @EQIAsset @eqiinvest

@mariatad "Its the end of the world as we know it", and I am not sure I feel fine.

European trade commission (body language of a funeral on Monday morning) puts it best: under a 30% tariff regime, the transatlantic trade relation disappears as we know it. It’s prohibitive. It’s gone.

@mariatad Sacerdotisa que acompanhava e auxiliava o flâmine nos sacrifícios.

I can’t spend too much time in Rome. It makes me want to quit everything, move here and go by the name of Flaminia.

melhor definição que li até agora sobre medida do Trump no Brasil: from TACO to FAFO?